Yes.
I flew helicopters in the Gulf of Mexico for 29 years, one of the most corrosive atmospheres that you can imagine.
Corrosion X was a mainstay and worked very well and you can bet if there was something better to use on our multi million dollar helicopters we would have been using it.
Just two things. I'm not sure how good a lube it is, it may be very good.
Second it's probably a pretty good penetrating oil so you don't want the chamber, face of the bolt or inside the magazines sloppy wet with it.
It is not a cleaner as such. It doesn't do a good job of cleaning off rust and corrosion. The way it works is it penetrates to the surface of the metal and protects it from further damage.
Also it doesn't harm most materials, like plastic grips. It can be sprayed directly into such things as plastic electrical connections.